executive insights

From Sallie Krawcheck becoming CFO of Citigroup to the predominantly female faces in CNBC’s correspondent line-up, women are more prominent in the finance profession than ever before. As the economy continues to grow steadily, there will remain a strong demand for talented finance and accounting professionals – both men and women. In a field that has been traditionally dominated by men, women have made significant headway in corporate finance positions nationwide. The number of women entering the finance and accounting fields continues to grow as the playing field between men and women levels to a more equal ground.

While women have made great strides, they still face challenges in their everyday work environment. One of the biggest challenges women face is achieving equal opportunities and overcoming roadblocks such as the “boys club” or the glass ceiling in terms of salaries and promotions. Additionally, women are often faced with exclusion from informal business networks, and suffer from gender-based stereotypes and a lack of role models.

Despite these issues, women are climbing their way to the top of the financial profession one step at a time. In fact, a recent report from the Bureau of Labor Statistics says 62% of people who worked in the accounting field in 2005 were women, and the American Institute of Certified Public Accountants (AICPA) reports that half of its new membership is female.

battling gender bias and succeeding.
While the majority of women working in finance are happy with their jobs, some still feel discriminatory behaviors and practices exist. Catalyst, a non-profit research and advisory organization for women in business, recently surveyed 482 women and found that 65% feel they have to work harder than men to get the same rewards and 51% say they get paid less than their male counterparts. In December 2005, the AICPA reported that women are more likely than men to leave an organization to develop new skills or advance to a new level; however, they feel they are less likely to be offered a higher salary in their new position.

Finance is known as traditionally male-dominated and unfortunately, this mindset still exists in some circles today. The “boys club” mentality continues to show that there is still a reluctance to give a woman the same or appropriate opportunities given to a man. To combat this gender-bias, companies have had to work hard to fight gender inequality and stereotyping.

Some measures include:

• holding workshops and classes to teach equality. In an effort to combat gender discrimination and bias in the workplace, some companies hold regular workshops and classes to teach executives how to equalize decisions regarding males and females on the same level.

• encouraging equal opportunities. There are many possibilities for travel and promotion in the world of finance. It is important to encourage equal opportunities for both sexes regardless of gender and whether or not they have children.

• equal compensation. One of the major barriers women face in the profession is not being equally compensated versus their male counterparts. It is important to offer competitive salaries and benefits to all employees regardless of gender.

• incorporating more workplace flexibility. Due to the rising number of high-level female financial executives and their dual roles as employees and as mothers, many companies have instituted and allowed for flexible schedules, professional networks and childcare support initiatives to keep turnover rates down and employee satisfaction high.

banding together to advance workplace opportunities.
Women in finance have also joined forces to create organizations where they can go to speak with their peers about their profession and career goals, as well as learn how to succeed in the workplace when faced with gender bias, stereotyping and glass ceilings. Two widely-recognized associations are the Financial Women’s Association (FWA) and the American Society of Women Accountants (ASWA). These organizations are well-known for providing personal and professional support, local and national business contacts, a relocation and job referral network, leadership opportunities and business management skills development.

• The Financial Women’s Association brings together high-achieving professionals from every sector of the financial world. Established in 1956 and with more than 1,100 members worldwide, the FWA is dedicated to developing future leaders, enhancing the role of women in finance and investing in the community.

• The American Society of Women Accountants consists of women employed in a variety of accounting and finance functions. Founded in 1938, this organization has over 100 chapters in the U.S. with 6,000 members. The common purpose of the ASWA is to enable all women in all fields of accounting and finance to achieve their personal, professional and economic potential and to contribute to the future development of the profession.

“Joining an organization allows you to expand your network outside of your company and industry,” said Roseanne Sweeney, board of directors resource, FWA and senior consultant at NachmanHaysBrownstein, Inc. “It’s another outlet for you to broaden your reach, learn new skills and allows you to meet phenomenal, high-achieving women.”

women in finance: molding the workplace.
As women advance, both in the workplace and financial world, they find ways to promote change, improve their work environment and create opportunities. Women who share the dual role of employee and mother fight to maintain successful, fast-paced careers while raising families and being supportive at home. They struggle to prove that they can “have it all” in terms of professional and personal success by maintaining a healthy balance and flexible benefits at work.

“Twenty years ago, women in senior leadership positions sacrificed almost everything to get there,” said Bo Young Lee, director of advisory services at Catalyst. “You no longer see that. There’s more insistence on work-life balance.”

mentoring the finance professionals of tomorrow.
In addition to trying to break the glass ceiling and overcoming gender bias, one of the most common barriers for women succeeding in finance is a lack of mentors. Ajilon Finance has the following advice for rising above this obstacle:

• educate yourself. Get an MBA and as many professional credentials as you can. Women need to stay ahead of the game in terms of education and credentials as they are under more scrutiny in this field than men.

• join a mentoring program or a financial association for women. These organizations were founded to provide resources and guidance for women in the finance profession. Use them to your advantage.

• develop negotiation skills. A key skill for financial professionals lies in the ability to negotiate. Many firms are actively engaged in acquisitions strategies and require employees who can evaluate possible partners and negotiate transactions.

• thoughtfulness counts. Finance positions are not what they used to be. Computers and technology do most of the counting while finance professionals interpret the results. The demand for smart, communicative, thoughtful people is increasingly more evident in the profession.

• be a team player. Whether you are at the bottom or the top of a company, being a team player and working well with others in a variety of situations is absolutely critical.

• keep the big picture in mind. You may face gender bias along the way, but the key is to maintain your focus and concentrate on the needs of your organization. You will not only earn the respect of your clients, but also of your colleagues who will see how serious you are about your position and career.

• work-life balance. If you are having difficulty achieving a work-life balance, ask your employer how they handle this issue. Also, consider looking into smaller finance companies, as there is not as much gender bias around having a career and wanting to be a mother.

• work hard and work smart. Like Elaine Bush said, you are under more scrutiny as a woman in the field. Do your research, be as thoughtful as you can and always put your best foot forward. It’s a sure-fire way to succeed.

moving up in the world.
It’s no secret that a woman’s climb to success in the finance profession is going to be more challenging than a man’s. Yet women continue to make strides every day — from fighting for equal opportunities and working hard, to balancing work and life and maintaining their value systems. As women continue to work hard and smart for their clients and their superiors, they will not only make advances for their companies and the finance profession as a whole, but also for women in business everywhere.

To learn more about women in finance and the changing landscape of the financial profession, contact your local Ajilon Finance branch today at 1.866.GO AJILON or visit ajilonfinance.com

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